SOXS vs. TZA
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and TZA (Direxion Daily Small Cap Bear 3X Shares) are both exchange-traded funds - SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%), while TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%). Both are passively managed. Over the past 10 years, SOXS returned -79.54%/yr vs -44.17%/yr for TZA. A 0.70 correlation means they provide meaningful diversification when combined. SOXS charges 1.08%/yr vs 1.11%/yr for TZA.
Performance
SOXS vs. TZA - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -93.50% return, which is significantly lower than TZA's -46.35% return. Over the past 10 years, SOXS has underperformed TZA with an annualized return of -79.54%, while TZA has yielded a comparatively higher -44.17% annualized return.
SOXS
- 1D
- 22.42%
- 1M
- -47.74%
- YTD
- -93.50%
- 6M
- -93.24%
- 1Y
- -97.76%
- 3Y*
- -87.41%
- 5Y*
- -80.25%
- 10Y*
- -79.54%
TZA
- 1D
- 2.05%
- 1M
- -12.69%
- YTD
- -46.35%
- 6M
- -42.28%
- 1Y
- -67.58%
- 3Y*
- -46.88%
- 5Y*
- -30.52%
- 10Y*
- -44.17%
SOXS vs. TZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -93.50% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | -69.39% |
TZA Direxion Daily Small Cap Bear 3X Shares | -46.35% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
Correlation
The correlation between SOXS and TZA is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.70 |
The correlation between SOXS and TZA has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.
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Return for Risk
SOXS vs. TZA — Risk / Return Rank
SOXS
TZA
SOXS vs. TZA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) and Direxion Daily Small Cap Bear 3X Shares (TZA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SOXS | TZA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | -1.27 | ||
| Omega ratioGain probability vs. loss probability | 0.63 | 0.77 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -1.00 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.51 | -1.56 | +0.05 |
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Drawdowns
SOXS vs. TZA - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, roughly equal to the maximum TZA drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SOXS and TZA.
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Drawdown Indicators
| SOXS | TZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -97.94% | -68.07% | -29.87% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -89.28% | -10.59% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -91.56% | -8.42% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -99.74% | -0.26% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -92.61% | -97.99% | +5.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.48% | 43.46% | +24.02% |
Volatility
SOXS vs. TZA - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 66.67% compared to Direxion Daily Small Cap Bear 3X Shares (TZA) at 19.17%. This indicates that SOXS's price experiences larger fluctuations and is considered to be riskier than TZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SOXS | TZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 66.67% | 19.17% | +47.50% |
Volatility (6M)Calculated over the trailing 6-month period | 100.39% | 42.84% | +57.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 117.32% | 58.62% | +58.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 111.39% | 67.66% | +43.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 102.09% | 68.98% | +33.11% |
SOXS vs. TZA - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is lower than TZA's 1.11% expense ratio.
Dividends
SOXS vs. TZA - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 83.05%, more than TZA's 5.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | 83.05% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.35% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
SOXS and TZA have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (66.67%) compared to TZA (19.17%). In terms of maximum drawdown, SOXS dropped -100.00% vs TZA's -100.00%.
On 10-year performance, TZA leads with -44.17% vs -79.54% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, TZA has been the lower-risk option at 19.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TZA has performed better with a -44.17% return vs -79.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXS is cheaper with a 1.08% expense ratio, compared with 1.11% for TZA.
SOXS has the higher dividend yield at 83.05%, compared with 5.35% for TZA.
SOXS is categorized as Inverse Equities, while TZA is Leveraged Equities. SOXS tracks PHLX Semiconductor Index (-300%), while TZA tracks Russell 2000 Index (-300%). Their fees differ too: 1.08% for SOXS and 1.11% for TZA.
SOXS currently has the higher Sharpe Ratio (-0.83 vs -1.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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